Panel Publishes Reasons for Declaration of Unacceptable Circumstances in Relation to Majestic Resources' Bid for Namakwa Diamond Company

The Panel advises that it has published its reasons for declaring that circumstances in relation to Majestic Resources' (Majestic ) off market takeover bid for the ordinary shares in Namakwa Diamond Company (Namakwa ) were unacceptable. The declaration was made on 26 April in response to an application by Namakwa received on 30 March.

The Panel declared that Majestic's disclosure in its bidder's statement and the accompanying letter from the Chairman of Majestic contained a number of deficiencies, including: